What type of mortgage do you want?
You’ll find a range of mortgages available in Canada – but so many choices can leave you confused. Before you apply, find out more about each mortgages features, terms and conditions.
There is no “best mortgage”: Finding the best mortgage is personal, so you’ll want to consider your individual circumstances when you’re looking for the best one for your needs. Here are some important factors to consider:
You’ll want to consider a mortgage based on your lifestyle and goals. In general, you can break down the best mortgages into three categories:
Many factors go into determining the least expensive mortgage. In general, an inexpensive mortgage might be the one that offers:
Pros
Cons
An ideal factor for some borrowers is that approval for a mortgage is quick and painless. You may be looking for a mortgage that can settle quickly or a lender willing to consider less-than-perfect credit. How easy a mortgage is to secure will differ among lenders, employment situations, credit scores, down payments and turnaround times.
Borrowers that are looking for an easy mortgage may include:
Pros
Cons
Mortgages with more options can help you access your equity easier or allow you to pay off your mortgage faster without incurring big penalties. You could find flexible options that include:
Pros
Cons
If you’ve considered your circumstances and think you’ve narrowed down the type of mortgage that best suits your needs, it’s time to find a lender that offers what you’re looking for.
You’ll find a range of mortgages available in Canada – but so many choices can leave you confused. Before you apply, find out more about each mortgages features, terms and conditions.
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